Dubai PR Network, Online Press Release from Dubai and Middle East
 
Oil & Gas(Energy and Industry)
Filter PR by
  
Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF) announce the completion of a transaction to jointly develop oil fields in Western Siberia
 
Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF) announce the completion of a transaction to jointly develop oil fields in Western Siberia

Dubai, UAE, September 05, 2018:  Gazprom Neft, Mubadala Petroleum and the Russian Direct Investment Fund (RDIF, the sovereign wealth fund of the Russian Federation) have announced the completion of a transaction establishing a joint venture to develop oil fields in the Tomsk and Omsk regions of Western Siberia. 

Further to an agreement announced on 24 May 2018, Gazprom Neft has now completed its sale of a 49-percent interest in Gazpromneft-Vostok LLC, operator of 13 fields, to Mubadala Petroleum and RDIF. Following the completion of this transaction Gazprom Neft now holds a 51-percent interest in the joint venture, with Mubadala Petroleum and RDIF holding 44 percent and five percent equity, respectively. Gazpromneft-Vostok remains a subsidiary of Gazprom Neft, and will continue to operate the fields.

The Gazpromneft-Vostok joint venture represents Mubadala Petroleum’s first investment in the Russian oil and gas sector. 

The partners will determine the long-term strategy of the joint-venture, focusing on efficiency in exploration and production activities at the fields as well as at pre-Jurassic hydrocarbon deposits. 

Alexander Dyukov, CEO, Gazprom Neft PJSC, commented: “This first investment by one of the largest oil and gas companies in the United Arab Emirates, Mubadala Petroleum, in a Russian asset is certainly a landmark event for the industry. Through our partnership with Mubadala Petroleum and RDIF we will not only be focusing on improving the current business performance of Gazpromneft-Vostok, but will also be looking for new opportunities to develop it further. One promising area for joint work here being developing technologies for the profitable development of pre-Jurassic hydrocarbon resources in the Tomsk Region. We see Mubadala Petroleum and RDIF as strategic partners, and expect to deliver mutually beneficial results from combining our financial and technological resources.”

Dr. Bakheet Al Katheeri, CEO, Mubadala Petroleum, said: 'The acquisition of a 44-percent interest in the Gazpromneft-Vostok joint venture is another important step in Mubadala Petroleum’s drive for sustainable and profitable growth, marking our entry into Russia and adding valuable oil production to our existing portfolio. Partnering with Gazprom Neft, a leading Russian operator, and RDIF will not only provide us with significant co-investment opportunities, but will also further develop our own oil and gas expertise and capabilities, as well as exploration and production technologies.”

Kirill Dmitriev, CEO of the Russian Direct Investment Fund (RDIF), said: 'We welcome Mubadala Petroleum’s first investment in Russia. We expect this transaction to become the basis for further investments by the consortium created by RDIF, Mubadala Petroleum and Gazprom Neft. Participation of Mubadala Petroleum in the consortium will bring funds, experience and expertise of our Middle East partner to the Russian oil and gas sector'.


Posted by : Dubai PR Network Editorial Team
Viewed 10608 times
PR Category : Energy and Industry
Posted on : Wednesday, September 5, 2018  4:38:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : SNC-Lavalin awarded West Qurna phase 2 oil field contract in...
Next Story : Quote of Dr. Layla Mohamed Al Marzouqi
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
Inventive, Futuristic and Daring Translucent is a Distinguished Milestone for Police. [8632-Views]
Show your Nanny some love and treat them to a Complimentary Haircut throughout August and ... [5832-Views]
Tazio Nuvolari Vanderbilt Cup [5612-Views]
Corum Golden Bridge Titane DLC - black beauty for the man of style [5368-Views]
Scafograf Black Sheep - unconventionally exceptional [5185-Views]
Same Favourite Fragrance, New Innovative Products From the Ritual of Karma [4990-Views]
Dubai Delivers on Tourist Volumes Again, With a Strong 8.36 Million Overnight Visitors in ... [4947-Views]
Robinsons Showcases Malone Souliers' Stunning New Collection for Pre-Fall 19 [4825-Views]
Aesop's Parsley Seed Skin Priming Regimen [4788-Views]
GEMS Education students shine with excellent A-Level examination results [4691-Views]
The Nordic Hall of the Heros is Open for Business - Aston Martin Valkyrie and Valhalla Tak... [4654-Views]
Marks & Spencer Unveils Its Autumn 2019 Kidswear Collection [4435-Views]
Ferragamo Urban - 2019 Fall/Winter Collection [4398-Views]
Autumn / Winter 2019-20 Men's and Women's Sneakers Collection [4325-Views]
Exceptional Playtime with Soundcore Vortex [4209-Views]
Sandro: The Power Suit [4044-Views]
Kachins Couture 5 Ways to Personalise Your Suit Style [3941-Views]
Second Week of “Health & Tourism 2019” Campaign Witnesses Remarkable Participation in its ... [3904-Views]
Hormann announces speed rolling shutter DD S6 [3880-Views]
Ralph Lauren Debuts “Wear Your Story” Denim Campaign [3867-Views]
Get 50 per cent off back-to-school essentials at Dragon Mart [3794-Views]
The future of photography and videography is in Canon's hands, with five 2019 EISA Awards [3745-Views]
Forecasting Mesmerising Sea Views and Exotic Seafood at Gonu [3599-Views]
Dubai Tourism Partners With Ary to Invite Audiences to Discover the Emirate With Their Fav... [3318-Views]
Sheikh Mohammed bin Rashid Centre for Islamic Culture launches a comprehensive events prog... [3294-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories